Member

We also know that the hit to employment is not the only consequence of the Bill. That is why new clause 1 focuses on other factors in the economy, such as real wages, inflation and household disposable income. The OBR has made clear that by 2027, 76% of the tax will be passed on to working people through lower wages and higher prices. It also estimates that inflation, having gone through all that pain to get it down to the 2% target, will be higher—it is already on the way up—and that because the policy is fundamentally regressive, it will hit the worst-off the most. That, surely, was not intended.